No, scalp cooling won't effect the efficacy of chemotherapy treatment. It is often believed that hair falling out is a sign that chemotherapy is working - scalp cooling helps to manage this side effect, and it shouldn't be interpreted as a sign that chemotherapy is not working effectively. Historically, there has been a belief that using scalp cooling may increase the risk of scalp metastases developing, but this has been studied and disproved.
To read the paper on the risk of scalp metastases with scalp cooling click here